President Joe Biden’s beleaguered campaign entered July with $96 million cash on hand, after a spending spree last month that depleted about 93% of the money it raised in June.

Biden’s spending included a $50 million ad blitz ahead of his disastrous June 27 debate performance, which has fractured the Democratic Party and led to growing pressure for him to drop out of the race. His burn rate far outpaced that of his rival, former President Donald Trump, whose campaign spent just 46% of the money it raised in June and entered the final 127 days of the 2024 race with $128 million in the bank.